Fannie Mae Names Former PHH Chief to Head Loss Mitigation

Fannie Mae has named former PHH Mortgage chief Terry Edwards — who steered that nonbank through the worst of the mortgage crisis — as its new EVP in charge of portfolio management.

At Fannie, he will focus on the GSE's foreclosure prevention and loss mitigation activities for its single-family book of business.

Until a few months ago, Edwards was PHH's CEO but when a new control group — led by former Freddie Mac CEO Greg Parseghian — took charge of PHH, he found himself serving only as a consultant. PHH is a top ten ranked lender/servicer.

Even though subprime and Alt-A lending boomed from 2003 to 2008, PHH stood mostly on the sidelines, concentrating on GSE and Federal Housing Administration lending. PHH is the nation's largest private label funder/servicer.

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